When Money Dies is the classic history of what happens when a nationÃ¢ÂÂs currency depreciates beyond recovery.ÃÂ In 1923, with its currency effectively worthless (the exchange rate in December of that year was one dollar to 4,200,000,000,000 marks), the German republic was all but reduced to a barter economy.ÃÂ Expensive cigars, artworks, and jewels were routinely exchanged for staples such as bread; a cinema ticket could be bought for a lump of coal; and a bottle of paraffin for a silk shirt. People watched helplessly as their life savings disappeared and their loved ones starved.ÃÂ GermanyÃ¢ÂÂs finances descended into chaos, with severe social unrest in its wake.
Money may no longer be physically printed and distributed in the voluminous quantities of 1923.ÃÂ However, Ã¢ÂÂquantitative easing,Ã¢ÂÂ that modern euphemism for surreptitious deficit financing in an electronic era, can no less become an assault on monetary discipline.ÃÂ Whatever the reason for a countryÃ¢ÂÂs deficitÃ¢ÂÂnecessity or profligacy, unwillingness to tax or blindness to expenditureÃ¢ÂÂit is beguiling to suppose that if the day of reckoning is postponed economic recovery will come in time to prevent higher unemployment or deeper recession.ÃÂ What if it does not?ÃÂ Germany in 1923 provides a vivid, compelling, sobering moral tale.
Pricing is shown for items sent to or within the U.S., excluding shipping and tax. Please consult the store to determine exact fees. No warranties are made express or implied about the accuracy, timeliness, merit, or value of the information provided. Information subject to change without notice. isbn.nu is not a bookseller, just an information source.